Startup Profile: QUANSCIENT
Quanscient aims to revolutionize the multiphysics simulation industry by leveraging advanced cloud computing and quantum algorithms to deliver simulations over 100 times faster than conventional methods. Their mission is to enhance R&D efficiency, reduce time to market, and drive innovation in product development across industries like energy, semiconductors, automotive, and aerospace.
Website: https://quanscient.com
Industry: Multiphysics Simulation Software (Cloud and Quantum Computing)
Founded: 2021
Headquarters: Finland
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Traditional simulation software struggles with computational limitations, leading to bottlenecks, long runtimes, and compromised accuracy, which hampers innovation and efficiency in critical industries. This makes it challenging for companies to model complex systems effectively within reasonable time frames.
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Quanscient provides Quanscient Allsolve, a cloud-native multiphysics simulation software utilizing proprietary algorithms and quantum computing integration, significantly reducing simulation runtimes from weeks to hours. Their Optimized Schwarz Domain Decomposition Method (DDM) and Quantum Native® methods enable simulations to run over 100 times faster than traditional tools.
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Advancements in cloud and quantum computing technologies have made it feasible to overcome the limitations of traditional simulation methods. Industries undergoing digital transformation require faster, more accurate simulation tools to innovate and remain competitive.
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Quanscient Allsolve is a cloud-native multiphysics simulation software that distributes computations across thousands of CPUs, utilizing proprietary methods like Optimized Schwarz DDM and integrating quantum computing via Quantum Native® methods such as Quantum Lattice-Boltzmann Methods (QLBM).
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Quanscient operates on a B2B SaaS model with value-based pricing linked to computational capacity, offering flexible scaling aligned with customer needs.
The comprehensive solution includes software licenses and computational hardware costs, targeting enterprise lighthouse accounts, innovative R&D companies, high-tech scale-ups, and research institutions.
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Competitors include established simulation software providers like Ansys and COMSOL, which may not leverage cloud and quantum computing to the same extent.
Quanscient differentiates itself with proprietary algorithms and unique cloud and quantum computing integration, offering significantly faster and more scalable simulations.
MARKET SIZE
Quanscient operates within the $15 billion simulation software market, which is expected to grow as demand for advanced simulation solutions increases across key industries. The need for scalable and efficient simulation tools is rising in sectors like energy, automotive, and aerospace.
FINANCIALS
Quanscient has raised a total of €9 million in funding, including a €4 million pre-Series A round in early 2024. They achieved early revenue of €350,000 in 2023 with a 100% customer retention rate and rapid growth to €185,000 ARR within nine months.
TEAM
The team is led by CEO Juha Riippi, CTO Alexandre Halbach, Chief Scientist Valtteri Lahtinen, and COO Asser Lähdemäki, comprising 24 employees. They are supported by notable investors and advisors like Ilkka Kivimäki, Risto Siilasmaa, and Dr. Gerry Harvey.